The alternative energy industry is gaining as well, pushing the Guggenheim Solar ETF ( TAN) to its fifth day of upward action. As the broad marketplace attempts to maintain its strength, the volatile fund has managed to break to new 2012 highs and recover to levels last seen in late-October.

Japanese equities are heading higher, pushing broad-based funds like the iShares MSCI Japan Index Fund ( EWJ) to strength. The yen's losses, however, is helping to contain any upward action. Investors who opt to venture into Japan's markets using DXJ are better suited for a weak-yen environment. The fund is specifically designed to defend against dollar-yen fluctuations.

Strength can be found in other corners of the developed world as well. The iShares MSCI Italy Index Fund ( EWI) is recovering a good portion of yesterday's losses.

Losers

Meanwhile, a 19% premium is heavily impacting the performance of the iPath Dow Jones UBS Natural Gas Subindex Total Return ETN ( GAZ), causing it to diverge from UNG. The ETN is off less than 2% early afternoon trading. Global X Copper Miners ETF ( COPX) -1.7%

COPX's steep early-year run up helped the fund recapture its 200-day moving average for the first time since breaking below last August. Now, however, it appears as though the fund is taking a breather.

Copper miners and other single subsector producer funds could be in for trouble in the event that growth concerns resurface. Use caution here.